After all, the company’s plan to reorganize its business operations in Chapter 11 probably won’t prove to be as much of a hoot as picking golden apples in “Johnny Tractor’s Apple Adventure” or stacking multicolored blocks higher and higher in a spirited round of “Tumba.” The company has $1.5 million in assets and $8.9 million in liabilities to contend with as it works to restructure and is in desperate need of funding, it said in court papers.

“Debtor urgently needs working capital to continue such business operations, and is unable to obtain post-petition financing from any source other than the use of cash collateral,” it said in a filing with the U.S. Bankruptcy Court in Indianapolis. “Debtor’s inability to obtain and maintain sufficient operating liquidity to meet its post-petition obligations on a timely basis may result in a permanent and irreplaceable loss of value in its assets and a resultant diminution in the value of the Debtor to the detriment of its creditors.”

The company, based in Plainfield, Ind., is seeking court approval to tap cash collateral to keep it afloat as its case plays out. It said it’s planning to keep its business operating in the ordinary course but isn’t ruling out the idea of selling its assets in bankruptcy.

If the company does end up changing hands, we hope novelties like “What’s in Ned’s Head?” don’t get lost in the shuffle. The game, which lets children pull items like moldy cheese, fake vomit and a rat from a stuffed head’s various orifices, has won a slew of awards.

“The gross-out game kids love so much that they voted it #1!” reads the description on Fundex’s website.

Other product offerings, too, might inspire your gag reflex —consider the “Pinkalicious Pinkarella Lunchbox Game” or the “Silverlicious Sweet Tooth Game”—but Fundex actually had a more staid start than some of its current line-up belies. The company was founded in 1986 by Pete Voigt and his son, Chip, both of whom were sales representatives who had been involved in the launch of UNO, according to Fundex’s website. Fundex’s first product was a “rummy type card game” called Phase 10, which is now the second best-selling card game in the world, Fundex said. It ranks right under UNO, the classic that inspired Pete and Chip’s start.

About Bankruptcy Beat

From Dow Jones Daily Bankruptcy Review, exclusive coverage of corporate bankruptcies, companies headed for trouble and the latest trends in bankruptcy law, distressed investing and corporate restructuring. Lead writer Pat Fitzgerald and Daily Bankruptcy Review reporters in Washington, New York and Wilmington, Del., provide insight into the big cases, who’s next to fall and what’s making news across the bankruptcy market.